Listed Indian banks have lost nearly $11 billion (Rs 69,750 crore) in market capitalisation after the Rs 11,400 crore fraud at Punjab National Bank (PNB) came to light. PSU banks continued to bleed on Monday, after more lenders reported exposure to the scam.
PNB reported last Wednesday companies linked to billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.
UCO Bank on Saturday said it has an exposure of $411.82 million to PNB’s Nirav Modi LoUs. Earlier, State Bank of India and Allahabad Bank disclosed exposure of Rs 1,360 crore and Rs 2,000 crore to loans taken using the LoUs, respectively.
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